Pinehurst Bank in St. Paul, Minn., became the year's 73rd failed bank late Friday.
The Federal Deposit Insurance Corp. said Coulee Bank in La Crosse, Wisc., will acquire the operations of the $61 million-asset, state-chartered bank. The acquirer agreed to pay a 1.33% premium to assume all $58 million in deposits, and will reopen Pinehurst's sole branch on Saturday. Coulee also agreed to acquire virtually all of the failed bank's assets.
The FDIC estimated the failure's cost at $6 million. It was the sixth closure in Minnesota this year.